AI isn’t constrained by intelligence, but by physics, and Investors are bidding aggressively for the visible layer of AI: the applications. But every AI breakthrough depends on an invisible foundation of compute, semiconductors, energy, networks, grids, and the raw materials that keep them running. Markets often overvalue what captures attention and undervalue what creates possibility. My thesis is simple: We may be overpaying for intelligence, while underpaying for everything that makes intelligence possible. For the investors in the room: Where do you believe the greatest long term value in AI will accrue over the next decade: applications, infrastructure, energy, or something else? #AIInvesting #CapitalAllocation #AIInfrastructure #Semiconductors #ai